Tradefair & Financials
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23 Feb 10
11:57
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Date Joined:
04 Apr 03
Some advice.
HM have been on a friend of mines company (construction / subs work, 3 employees, small to medium size) for three years now. Yesterday, his wife who does their basic accounting (bills in and out. Accountant used for filing, etc) was on the verge of a nervous breakdown.
For 3 years, a tax rep has been saying they owe 90K in taxes but every meeting, either with accountant or Steve and wife results in questions, they supply, then nothing else except constant threats by the investigator.
HM Investigator thinks they have buried money into a property in France. They bought the property for 12K, partly with a loan from family five years ago. Loan was paid off monthly. Steve did all the labour himself over two years. Heavy equipment used he brought down from UK borrowing on weekends. There is two years of photos showing how long it took. HM said they hired a construction team, that no one man could have done it. Two years it took on weekends and holidays. Investigator says property worth 300K. Looking at photos, 50K at most!
Accountant is useless. I looked at his e-mails and he supplies what is asked but never puts his foot down when it is simply time consuming and pointless.
How long can they keep investigating without saying "how they got to the 90K". It is all really vague.
Steve wonders if investigator looking for backhander to back off. Won't offer or do since, besides legalities, he has done nothing wrong.
Can a solicitor simply say "put up or shut up". and grind this to a halt for them?
Cheers
HM have been on a friend of mines company (construction / subs work, 3 employees, small to medium size) for three years now. Yesterday, his wife who does their basic accounting (bills in and out. Accountant used for filing, etc) was on the verge of a nervous breakdown.
For 3 years, a tax rep has been saying they owe 90K in taxes but every meeting, either with accountant or Steve and wife results in questions, they supply, then nothing else except constant threats by the investigator.
HM Investigator thinks they have buried money into a property in France. They bought the property for 12K, partly with a loan from family five years ago. Loan was paid off monthly. Steve did all the labour himself over two years. Heavy equipment used he brought down from UK borrowing on weekends. There is two years of photos showing how long it took. HM said they hired a construction team, that no one man could have done it. Two years it took on weekends and holidays. Investigator says property worth 300K. Looking at photos, 50K at most!
Accountant is useless. I looked at his e-mails and he supplies what is asked but never puts his foot down when it is simply time consuming and pointless.
How long can they keep investigating without saying "how they got to the 90K". It is all really vague.
Steve wonders if investigator looking for backhander to back off. Won't offer or do since, besides legalities, he has done nothing wrong.
Can a solicitor simply say "put up or shut up". and grind this to a halt for them?
Cheers
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Replies: 7
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try somewhere like http://www.taxationweb.co.uk/forum/
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Thank you.
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get a formal valuation done -Revenue will accept evidence but not generalyy just opinion
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Heavy equipment used he brought down from UK borrowing on weekends
Why doesn't he show them the ferry receipts? I mean, he must have had some problems getting big diggers onto the ferry. And the insurance policies he took out for them to be in France? WHAT!!! He's lost them??? Yeah right. |
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does the taxman work on the assumption you're guilty until proven innocent?
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yes, if you have unexplained wealth - and especially if you work in a business like building, where cash is king.
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Company owned by the individuals (Steve and wife). No connections to the company in the slightest as far as a deduction or revenue (i.e. rental). But still is ownership abroad which always has implications and possibly, in this case, triggers.
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